CU*Answers Opens Up Policy Swap Site

CU*Answers is touting the growth of its PolicySwap and collections management services.

The Grand Rapids, Mich., core processing CUSO launched the PolicySwap website a year ago to help credit unions develop policies, paying credit unions to deposit 10 policies to get the site started.

There now are 250 active users and 140 policies posted across a range of operational areas, and the site has been opened to any credit union to use for free, the CUSO said.

“Initially the site was designed for CU*Answers clients but we received so many requests from other credit unions that we just opened up to the whole country,” said Jim Vilker, vice president of professional services and business manager for the CUSO’s Audit Link operation.

CU*Answers also said that its lending management group – Lender*VP – now has 12 clients using it for collections services, with the addition of the $112 million Ripco CU in Rhinelander, Wis., and the $66 million First Financial CU in Chicago.

The service offers early stage collections to CU*Answer core processing clients to help filter out the simple fixes and narrow down a reason behind the delinquency, CU*Answers said.

“Using this method the team has a better chance of getting a permanent solution to the delinquency leaving high-level collections work for the credit union where direct officer input is required,” the CUSO said.

The technology CUSO’s CU*BASE core processing platform is in place at 175 credit unions under $250 million in assets at seven above $250 million, according to the Technology Survey from Callahan & Associates.